According to Alan Millward, director of corporate benefits at Jelf, the acquisition allows the consultancy to own a stake in Laterlife worth at least 50 per cent, though its exact size would not be disclosed.
The deal will see Jelf extend its proposition to offer more support and services for employees at all stages of their career.
Mr Millward said the firm was now aiming to offer a “truly cradle-to-grave” proposition as a result of the deal.
Laterlife currently offers a range of services in addition to its workshops, including newsletters, guides and a website, which could all be used by Jelf to develop a more complete whole-of-life planning service.
Tony Clack, managing director of Laterlife said: “We have developed our proposition over time to help people make the most of their retirement. Now we can give our mutual clients services that can help employees make better choices from when they first join a company to when they retire.”
Earlier this year, Jelf acquired Yorkshire and Midlands-based insurance broker The Insurance Partnership Holdings in a deal worth up to £15.5m, with the sale approved by the FCA at the beginning of July.
The partnership will help Jelf to build on its existing work to improve financial education in the workplace. The consultancy launched its pension proposition, Jelf Money at Work, in summer 2012, aimed at creating a holistic advice service for employees throughout their careers.
4600 corporate + 4000 individual